SBS Transit Ltd – Daily timeframe
Current Sentiment: Bearish
Support 1: 2.65 Resistance 1: 2.80
Support 2: 2.60 Resistance 2: 2.85
Price has been rising steadily in a strong uptrend since January 2017 without any significant correction. However, some exhaustion are appearing as price retests the July 2016 high of 2.80 resistance area.
Price briefly tested the 2.80 resistance area on 18/04/17 but was once again rejected off it, resulting in the formation of a shooting star with increasing volume.
With the current bearish price action, expect price to enter into a period of correction next where price heads lower to test the 2.65 support area followed by 2.60.
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